When the financial aid runs out – how do you survive on little to no money for expenses while in college? Since the economy has taken a bit of a nose dive, students are starting to see the signs of struggle when it comes to living and going to school on a budget. There is a resource that can help when financial aid doesn’t cover all expenses – work study.

Established as part of the Economic Opportunity Act of 1964, work study programs fall between a loan and a grant. Students can work up to 20 hours a week in libraries, residence halls or dining halls for money that then can go to college-related expenses.

President Obama wants to ensure that at least 25% of college work study funds are used to support public service opportunities instead of jobs in dining halls and libraries. This means they are trying to open up private and public sector roles so you can gain valuable work experience while in school. The opportunity may be there to even choose how to contribute your service to emerging Energy Technician or Green Job corps and get practical experience in fast-growing career fields.

Start exploring your possibilities today with Career Explorer.

We’ve all heard of the midlife crisis, but have you ever stopped to think how much going through one costs? I’m not talking about midlife crisis clichés – new cars, new spouses, or new wardrobes – these midlife “crises” are professional. For individuals considering a drastic career change involving a new education, deciding how to afford it can often make or break the decision to change paths.

As many of us are already aware, committing to an education can be a rewarding, yet expensive life decision. Like other big-ticket purchases, if you decide a new education is worth the financial cost, you’ll have to make room in your individual or family budget.

Kevin O’Leary, a working dad and husband, recently decided after spending ten years in an advertising career that he wanted to make a career switch. His new desired profession? A physician’s assistant. As one might expect, the world of advertising usually doesn’t teach the skills needed for the medical career lifestyle, so Kevin will soon be on his way back to school.

Before making a commitment to his new education, Kevin tested the waters of the medical profession by spending some time working in a hospital near his family’s home in San Gabriel, California. Once he felt sure this was the right decision, he made plans to attend a two-year certificate program in the fall of 2010.

The next step? Make room in the family budget. Here are the O’Leary family’s strategies for saving education money. They might work for you too!

1. Stockpile cash. By cutting spending, trimming down 401(k) contributions, and holding off on making contributions to their young daughters’ 529s, the family can put this money toward Kevin’s education.
2. Stay nearby. Consider local programs in your community to cut down on commuting expenses.
3. Plug tuition gaps. Check out education-specific saving plans and apply for federal loans and scholarships.

Have any other tips for fitting an education into your budget? Let us know what worked for you and your family!

Most of the news we have seen relating to the recession has been doom and gloom but with the bad comes the good. Since families have to scale back in their budgets and that includes college costs for their children, community colleges have seen an increase in enrollment rates. Also seeing an increase are private universities: but not in the same way.

Private 4-year institutions are seeing an increase of accepting students from their waiting lists. Translation: these expensive schools are not meeting their enrollment rates and have to pull students from waiting lists to meet their enrollment goals.

How does this affect community colleges? It could mean that students who normally would apply for private institutions are seeing the same tightening of the budget that the rest of the country is going through. Since it is less expensive to attend community college, there has been an influx in enrollment at those schools. Private universities are seeing for the first time that people are choosing to attend less expensive schools instead of paying a higher price for their education.

This could mean that students are starting off at community colleges to get their prerequisites out of the way, and then transfering to a 4-year college. When the economy recovers, I wonder if this trend will continue since 4-year colleges are continually increasing their tuition rates. Or, will everything go back to the norm?

Career Explorer wants to know! Tell us if you were accepted to a 4-year institution but chose to take the community college path instead.